Lagos State Governor Babajide Sanwo-Olu and economic experts have urged Nigerian businesses to balance profitability with ethical leadership, sound corporate governance and sustainability to support the country’s ambition of building a one-trillion-dollar economy by 2030.

They made the call on Friday in Lagos at the 60th anniversary celebration and 50th Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), themed “Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies.”

Represented by the Secretary to the State Government, Bimbola Salu-Hundeyin, Sanwo-Olu said effective governance was essential for decision-making, risk management, accountability and institutional resilience.

He noted that businesses were increasingly judged by how they generated profits, treated stakeholders and contributed to society, not just by their earnings.

Nigeria, he said, needed businesses capable of creating jobs, attracting investment and competing globally while maintaining integrity and social responsibility.

The governor also highlighted the need for stronger oversight as businesses adopt artificial intelligence, digital finance and data analytics.

“Innovation must be matched by governance, and growth must be matched by responsibility,” he said.

He urged ICSAN to help business leaders and public institutions establish clear standards for board oversight of artificial intelligence and data use. He also called for closer collaboration between the institute, the Lagos State Government and businesses to strengthen governance across the public and private sectors.

Former Nigerian Exchange Group Chief Executive Officer Oscar Onyema commended ICSAN for six decades of promoting professional excellence, ethical leadership and sound corporate governance.

He said businesses must combine profitability with sustainable development and national prosperity amid economic uncertainty, technological disruption and rising stakeholder expectations.

“Properly aligned, purpose strengthens profitability, while profitability provides the resources to sustain purpose.”

Onyema said company secretaries and governance professionals had become strategic partners to corporate boards, serving as trusted advisers and champions of institutional integrity rather than merely overseeing compliance.

“As we deliberate today, I encourage us to focus on three priorities: strengthening governance, aligning commercial success with long-term stakeholder value, and building institutions capable of attracting capital and sustaining public confidence,” he said.

The Chief Consultant of B. Adedipe Associates Ltd., Prof. Biodun Adedipe, said sustainable business required organisations to balance people, the environment and profit through the triple-bottom-line approach.

He identified economic viability, environmental responsibility, social accountability and effective governance as key pillars of sustainability.

Adedipe urged organisations to manage risks, improve efficiency, conserve energy and water, reduce waste, protect employees and customers, promote ethical conduct and ensure transparent reporting.

He cited regulatory requirements, climate change, stakeholder expectations, investor interest in environmental, social and governance (ESG) performance, technological advancement and global sustainability commitments as drivers of responsible business practices.

According to him, sustainability can reduce operating costs, improve resilience, attract domestic and international investment, strengthen customer trust and expand access to global supply chains.

He also challenged business leaders to consider whether their organisations would become stronger, more profitable and more responsive to stakeholders after their departure.

ICSAN President Uto Ukpanah said the institute’s 60th anniversary reinforced its commitment to professional standards, ethical leadership, corporate administration and good governance.

She said Nigeria’s ambition to build a one-trillion-dollar economy by 2030 required businesses to consider not only the value they create but also who benefits from it and how it can be sustained.

Ukpanah noted that organisations must navigate economic uncertainty, technological disruption, climate concerns, regulatory changes and evolving stakeholder expectations while maintaining responsible business practices.

She also disclosed that ICSAN’s new national secretariat had reached an advanced stage of development, expressing hope that it would be completed and inaugurated before her tenure ends in July 2027.

“We would not have been able to do this without the support of members in this hall, members online and members across the footprint of ICSAN.

“We would not have been able to do it without the donations from various stakeholders, including the Lagos State Government and so I use this opportunity to urge everyone in this room, please be in this project,” she said.

Ukpanah further revealed that a bill seeking to rename the institute the Chartered Governance Institute of Nigeria and expand its mandate passed second reading in the Senate in June.

She said the institute was working to secure its passage before the end of the 10th National Assembly, adding that the proposed change reflected the global evolution of governance as a professional discipline.

She urged members and stakeholders to support ICSAN’s development projects and efforts to strengthen Nigeria’s governance profession.

Source: Peoples Gazette